Electric vehicles (EVs) are becoming an affordable alternative to traditional internal combustion engine models, according to a report by the Royal Automobile Club of Queensland (RACQ).

RACQ’s recently-released 2019 Vehicle Running Costs survey detailed the cheapest and most expensive cars to buy and run. It rated the Hyundai Ioniq particularly highly in terms of affordability.

The annual survey, which this year examined a record 141 vehicles, factors in all expenses linked with car ownership, such as fuel, tyres, insurance, servicing, loan interest, government charges and depreciation.

The most expensive EV was the Tesla Model X 100D at $25,500 a year. RACQ technical and safety policy head, Steve Spalding, said the Ioniq was a far more affordable alternative.

“This year we were able to assess the Hyundai Ioniq, which blew Tesla out of the water in terms of affordability, costing less than half the price at just under $10,000 a year to keep on the road,” he said.

“Drivers need to be aware the Hyundai Ioniq has a higher purchase price than other small cars, so they need to weigh up the depreciation and interest costs with the fact they won’t be paying as much for fuel and will save on servicing before they opt for this vehicle.”

More affordable EV models are expected to be released in the Australian market in the near future.